A prominent cryptocurrency analyst says meme asset Dogecoin (DOGE)’s rival Shiba Inu (SHIB) needs to maintain a certain support level to avoid collapsing.
In a new video, cryptocurrency trader Ali Martinez told his 106,500 followers on social media platform
According to Martinez, a breakout of these levels would be bearish for the dog-themed memecoin.
SHIB is trading at $0.00002255 at the time of writing, up 6.5% in the last 24 hours.
Moving into Bitcoin (BTC), traders said they need to avoid falling below $90,000 to prevent BTC from falling further.
“According to MVRV price bands, if Bitcoin BTC falls below $88,000, the next major support level will be $71,000.”
Earlier this week, Martinez said meme asset Dogecoin could soar to quadruple figures on a percentage basis for one key reason. This means that if DOGE follows its historical price pattern, memecoin could skyrocket to $17.76.
“If Dogecoin continues to follow the upward parallel channel pattern, it could rise another 6,770%!”
The ascending parallel channel pattern is a bullish structure that indicates an asset is in an upward trend, with higher highs and higher lows.
Shiba Inu rival DOGE is up 6% in the last 24 hours.
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